Moreover, with the help of Loom Network, dApps based on Ethereum Solidity can be run through sidechains. In essence, Loom Network enables developers to build and launch multi-chain dApps without sacrificing scalability. Besides Ethereum, Loom Network also supports Bitcoin, BNB Smart Chain, and TRON. Loom Network is a PaaS solution for developing smart contracts and decentralized applications with a focus on interoperability. What are the Main Features of Loom Network? In order to keep yourself updated, you can have a look at the Loom Network price history or the current LOOM price on the graph above. LOOM is a token that makes it a cryptocurrency.
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Secondly, users can acquire it via major supported exchanges. Firstly, users earn LOOM by interacting with dApps built on the Loom Network. There is no information about token allocation or distribution that’s publicly available. There is a max cap of 1,000,000,000 LOOM tokens. You can read more about this process in the section below. Moreover, the LOOM token plays a key role in securing the Loom Network via the Delegated-Proof-of-Stake (DPoS) consensus mechanism. It also facilitates transactions between the Ethereum blockchain and dAppChains on Loom Network. However, any decentralized applications (dApps) built on the Loom Network don’t need to implement LOOM to operate. LOOM token grants access to decentralized applications (dApps) deployed on the Loom Network. This means that it can be stored in the majority of digital wallets that support tokens built on the ERC-20 standard. The Loom Network token is based on the ERC-20 token standard. For instance, it’s used to pay transaction fees of which a share goes to validators. LOOM has several use cases, however, it mainly serves as a medium of exchange on the Loom Network. The latter is a blockchain-based Platform-as-a-Service (PaaS) project. The Loom Network token or LOOM is the official currency of the Loom Network.
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